OceanFirst Financial (NASDAQ:OCFC) Raised to Hold at BidaskClub

BidaskClub upgraded shares of OceanFirst Financial (NASDAQ:OCFC) from a sell rating to a hold rating in a research note published on Friday morning, BidAskClub reports.

Several other equities analysts also recently weighed in on the company. Sandler O’Neill downgraded OceanFirst Financial from a buy rating to a hold rating in a research report on Monday, July 29th. DA Davidson downgraded OceanFirst Financial from a buy rating to a neutral rating and cut their target price for the company from $27.00 to $21.50 in a research report on Monday, August 12th. Zacks Investment Research downgraded OceanFirst Financial from a hold rating to a sell rating in a research report on Thursday, August 1st. Raymond James raised OceanFirst Financial from an outperform rating to a strong-buy rating and set a $25.00 target price on the stock in a research report on Thursday, August 29th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods downgraded OceanFirst Financial from an outperform rating to a market perform rating and cut their target price for the company from $29.00 to $26.50 in a research report on Monday, July 29th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $25.60.

NASDAQ:OCFC opened at $23.48 on Friday. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.14 and a beta of 0.78. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.98 and a quick ratio of 0.98. The stock’s 50 day simple moving average is $21.98 and its two-hundred day simple moving average is $24.00. OceanFirst Financial has a 1 year low of $20.46 and a 1 year high of $28.39.



OceanFirst Financial (NASDAQ:OCFC) last released its earnings results on Thursday, July 25th. The savings and loans company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.04). The company had revenue of $74.72 million for the quarter, compared to the consensus estimate of $77.38 million. OceanFirst Financial had a net margin of 27.15% and a return on equity of 9.53%. As a group, analysts anticipate that OceanFirst Financial will post 2.06 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OCFC. Quantamental Technologies LLC bought a new position in OceanFirst Financial in the 2nd quarter valued at $36,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in OceanFirst Financial by 73.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,746 shares of the savings and loans company’s stock valued at $93,000 after acquiring an additional 1,585 shares during the last quarter. Bank of Montreal Can grew its position in OceanFirst Financial by 423,900.0% in the 2nd quarter. Bank of Montreal Can now owns 4,240 shares of the savings and loans company’s stock valued at $105,000 after acquiring an additional 4,239 shares during the last quarter. SG Americas Securities LLC bought a new position in OceanFirst Financial in the 1st quarter valued at $191,000. Finally, Aperio Group LLC bought a new position in OceanFirst Financial in the 2nd quarter valued at $225,000. 69.23% of the stock is currently owned by hedge funds and other institutional investors.

About OceanFirst Financial

OceanFirst Financial Corp. operates as the holding company for OceanFirst Bank N.A. that provides a range of community banking services. The company offers various deposit products to retail, government, and business customers, including money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts, and time deposits.

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Analyst Recommendations for OceanFirst Financial (NASDAQ:OCFC)

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